1. K-line chart analysis and market status

According to the BTC/USDT 1-hour candlestick chart in the figure, the price fell sharply after reaching the top at 65175 USDT, and is currently hovering around 58370 USDT. The price has tried to break through 58867 USDT many times but failed, indicating that there is a lot of pressure from above. If the market fails to break through this resistance level, it may fall back again and test the support level of 58300 USDT.

Market psychology: Yesterday's bullish attempt failed to effectively break through the resistance level, market confidence was slightly insufficient, and some investors began to short on rallies in an attempt to profit from the volatile market.

2. Technical indicators and trend forecast

  1. Moving Average (MA)

    • MA(5)：58804.1 USDT

    • MA(10)：58867.0 USDT

    • MA(30)：59021.2 USDT

The price is constrained by MA(5) and MA(10) and will face downward pressure if it fails to break through.

  1. Volume

    • The trading volume has not increased significantly, indicating that the market is in a wait-and-see mood, but if prices continue to fall, it may trigger further selling.

  2. Relative Strength Index (RSI)

    • The RSI is slightly weak, close to 40. If it falls below the support area, it may open up further downside space.

3. Operation suggestions and stop-profit and stop-loss

Prediction: If BTC/USDT fails to break through the resistance level of 58867 USDT, it may fall back to 58000 USDT again, and may further fall to the support level of 57800 USDT.

Operation suggestions:

  1. First take profit position

    • 58000 USDT. If the price falls below this level, it is recommended to partially take profit and lock in short profits.

  2. Second take profit position

    • 57800 USDT. If the price continues to fall to this level, you can consider taking all profits.

  3. Stop Loss

    • 58867 USDT. If the price breaks through this resistance level, it indicates that the short trend is invalid and it is recommended to exit with a stop loss.

Position building strategy: It is recommended to enter the market in batches to short when the price is close to MA (10). If the price falls below 58,000 USDT, you can increase your position appropriately, with the target at 57,800 USDT.

4. Summary and Direction Suggestions

BTC/USDT is currently facing strong resistance. If it fails to break through 58867 USDT, it may fall further. It is recommended to pay attention to market reaction and trading volume changes. The target is 58000 USDT, and a stop loss needs to be set to control risks.
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